How to Make Continuous Learning More Affordable

Whether you’ve just completed an undergraduate degree or are midway through your career, affordability and costs associated with continuous learning can be a challenge. Financing is one of the main barriers for individuals looking to upskill or further their education, especially with the cost of living crisis facing many Canadians and people globally.

While some learners might be able to benefit from employers that are willing to foot some or all of the bill, many people aren’t that lucky. With that in mind, here are some tips to help you finance your education as it is an investment in your future and the long term success of your career.

Research bursaries and scholarships

The Chang School offers awards and financial assistance to learners, including bursaries and merit-based awards. Once enrolled, any learner who is interested in bursaries or awards should set up a profile on the AwardsSpring website. Based on the information entered, the site will direct learners to bursaries and awards that they may qualify for, which include ones that exist outside of The Chang School.

There is also additional information on financing post-secondary education on the Scholarship and Awards Office page on the Toronto Metropolitan University website.

Another financial aid resource that some learners may not be aware of is the TMU SFA Emergency Bursary, which is available for learners at The Chang School. This bursary is only available in fall and winter terms.

Find out whether you’re eligible for OSAP

As a learner with The Chang School, if you’re registered in a certificate program, you may be eligible for government financial assistance through the Ontario Student Assistance Program. To find out which certificate programs are eligible for OSAP, visit The Chang School Certificates section of Student Financial Assistance. Note that depending on the number of courses you will take per semester, there are two types of OSAP applications. Learn more by visiting Full-Time OSAP and Part-Time OSAP.

To be considered for OSAP funding for an OSAP-eligible certificate, you must be taking courses that count toward the certificate graduation requirements. Courses that do not count toward the certificate’s completion cannot be funded through OSAP.

Determine whether you can claim a tax deduction

The Government of Canada offers a Tuition Tax Credit to students who took a course in the previous calendar year that was taken at a post-secondary institution, are 16 years or older at the end of the year, and who are developing or improving skills in an occupation and the educational institution has been certified by the Minister of Employment and Social Development Canada.

For more information on the Tuition Tax Credit, visit the Government of Canada website.

Put your RRSP to work

If you have a Registered Retirement Savings Plan (RRSP), you can also take advantage of the Lifelong Learning Program to withdraw funds from your RRSP to use towards paying your tuition. This government program allows you to borrow up to $20,000 from your RRSP which can be used over a five year period. However, you must fully repay the money you take out under the program within ten years of withdrawing the funds.

Before taking this route, be sure to also take into consideration the lost opportunity that comes with borrowing from your RRSP. The money you withdraw will not be earning returns and this potential loss could have a significant impact on your retirement savings.

These are just a few of the tips you can explore further to make financing post secondary education a little easier.